By implementing new standardization principles, National Oilwell Varco is pushing the oil and gas industry into the 21st century -- and saving them billions in the process.

When you take a step back and look at the things the oil and gas industry do, you realize they are marvels in engineering. We can drill through rock deeper than the height of Mount Everest and then turn that drill bit on a dime into a layer of rock only a few feet thick. As amazing as these things are, the one thing that oil and gas players can't do is control costs. One company -- National Oilwell Varco(NYSE:NOV)-- is taking this issue head on, and it is quite possibly the best company out there to do it.

NOV is looking to change the way the oil industry does business by incorporating more standardization into the design of equipment and infrastructure. Not only could this reduce time and costs on the manufacturing end, but it also makes repairs and turnaround time much faster. Find out how much money NOV's efforts could save the industry and how companies like Ensco(NYSE:ESV) and Nabors Industries(NYSE:NBR) are already reaping the benefits of NOV's standardization programs, by tuning in to the following video.